STAALHART: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
STAALHART
Largest movements
- Tangible fixed assets +€477,067
up €477,067 (+1,084%), from €44,000 to €521,067
- Cash -€36,809
down €36,809 (-80.3%), from €45,814 to €9,005
mainly Investment in fixed assets (net) (-€502,092) and Net result for the year (-€63,401)
- Receivables within one year +€15,839
up €15,839 (+3,895%), from €407 to €16,245
of which Trade receivables: +€15,073
- Debts after one year +€300,000
new in 2025: €300,000
- Other debts +€207,002
up €207,002 (+119,537%), from €173 to €207,175
- Profit (loss) carried forward -€63,401
down €63,401 (-602%), from -€10,541 to -€73,942
- Trade debts +€12,192
up €12,192 (+1,225%), from €996 to €13,188
- Depreciation +€25,025
up €25,025 (+8,232%), from €304 to €25,329
- Gross operating margin -€19,749
down €19,749 (-584%), from -€3,384 to -€23,133
- Financial charges +€12,105
up €12,105 (+7,898%), from €153 to €12,258
- Other operating charges +€2,235
up €2,235 (+501%), from €446 to €2,681
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €90,628 | €546,421 | +€455,792 | +503% |
| Formation expenses | 20 | €408 | €104 | -€304 | -74.6% |
| Fixed assets | 21/28 | €44,000 | €521,067 | +€477,067 | +1,084% |
| Tangible fixed assets | 22/27 | €44,000 | €521,067 | +€477,067 | +1,084% |
| Land and buildings | 22 | €44,000 | €521,067 | +€477,067 | +1,084% |
| Current assets | 29/58 | €46,221 | €25,250 | -€20,970 | -45.4% |
| Amounts receivable within one year | 40/41 | €407 | €16,245 | +€15,839 | +3,895% |
| Trade receivables | 40 | €0 | €15,073 | +€15,073 | |
| Other amounts receivable | 41 | €407 | €1,172 | +€766 | +188% |
| Cash at bank and in hand | 54/58 | €45,814 | €9,005 | -€36,809 | -80.3% |
| Total equity and liabilities | 10/49 | €90,628 | €546,421 | +€455,792 | +503% |
| Equity | 10/15 | €89,459 | €26,058 | -€63,401 | -70.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,541 | -€73,942 | -€63,401 | -602% |
| Amounts payable | 17/49 | €1,169 | €520,362 | +€519,194 | +44,424% |
| Amounts payable after more than one year | 17 | - | €300,000 | +€300,000 | |
| Financial debts | 170/4 | - | €300,000 | +€300,000 | |
| Amounts payable within one year | 42/48 | €1,169 | €220,362 | +€219,194 | +18,755% |
| Trade debts | 44 | €996 | €13,188 | +€12,192 | +1,225% |
| Suppliers | 440/4 | €996 | €13,188 | +€12,192 | +1,225% |
| Other amounts payable | 47/48 | €173 | €207,175 | +€207,002 | +119,537% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €304 | €25,329 | +€25,025 | +8,232% |
| Other operating charges | 640/8 | €446 | €2,681 | +€2,235 | +501% |
| Gross operating margin | 9900 | -€3,384 | -€23,133 | -€19,749 | -584% |
| Operating profit (loss) | 9901 | -€4,135 | -€51,143 | -€47,009 | -1,137% |
| Financial charges | 65/66B | €153 | €12,258 | +€12,105 | +7,898% |
| Recurring financial charges | 65 | €153 | €12,258 | +€12,105 | +7,898% |
| Profit (loss) for the period before taxes | 9903 | -€4,288 | -€63,401 | -€59,113 | -1,379% |
| Profit (loss) for the period | 9904 | -€4,288 | -€63,401 | -€59,113 | -1,379% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,288 | -€63,401 | -€59,113 | -1,379% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.